PAN Must For Registration Of Companies With Over Rs 20 Lakh Turnover

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Organisations with over Rs 20 lakh turnover will have to specify the PAN while filling the Udyog Aadhaar Memorandum for registration. These organizations include companies, limited liability partnerships, cooperative societies, societies, and trusts. The decision, taken at a meeting chaired by the MSME Secretary K K Jalan recently, will be implemented after two months of the Goods and Services Tax coming into operation.

The GST regime is likely to come into force on July 1. "Presently, it is not mandatory for these organizations to mention the PAN number in the Udyog Aadhaar Memorandum.

However, since it will be compulsory for firms with turnover above Rs. 20 lakh to have a PAN number under the GST, we have taken this decision to align it with the proposed regime," Jalan told Press Trust of India.

PAN Must For Registration Of Companies With Over Rs 20 Lakh Turnover

Apart from the Permanent Account Number (PAN) and Aadhaar, micro, small and medium enterprises (MSMEs) will also have to attach a chartered accountant's certificate for participating in public tenders.

Udyog Aadhaar is for existing firms. The upcoming units do not need to apply for its registration. The meeting of the Advisory Committee under the MSMED Act decided that there could be a ministry sponsored MSME specific M Tech course, which will focus mainly on practical shop-floor training, the business model that can be worked out among the MSME Associations present in the meeting, a suggestion mooted by the All India Council for Technical Education.

In the course curriculum, 20-30 specific activities can be listed after due deliberations.

The MSME ministry had earlier issued a one-page Udyog Aadhaar Memorandum, which must be filled online by all micro, small and medium enterprises (MSMEs), for simplifying the registration procedure for entrepreneurs and promoting ease of doing business.

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Story first published: Tuesday, May 16, 2017, 10:25 [IST]
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